India Lender Shares Hit Six-Year Low as Lending Grinds to a Halt
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Dewan Housing Finance Ltd. plunged after the Indian shadow lender posted a quarterly loss and flagged doubt about its ability to continue as a going concern amid a funding crunch in the country’s credit market.
The stock slumped 29% to 48.5 rupees in Mumbai to the lowest close since October 2013, after briefly crashing 33% in intraday trading. The embattled lender seen its market value erode 81% this year, compared with the 11% gain in the S&P BSE Finance Index.